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4/29/2004



Rail News: Rail Industry Trends

LA MTA to begin another joint development project


Los Angeles County Metropolitan Transportation Authority (LA MTA) recently reached a joint development agreement with MacArthur Park L.L.C. for an apartment and retail complex at the Westlake/MacArthur Red Line Station.

The developer will build a 199-unit affordable housing complex with 50,400 square feet of retail space, a public plaza and 276 parking spaces (200 of which will be reserved for transit users). The project might include a childcare center.

The housing complex will include 61 units reserved for senior citizens; the remainder will be family housing. The retail center will include stores and restaurants.

Scheduled to start in October 2005, the project’s first phase includes 88 apartments and half the retail space and parking area. The second phase — to begin a year later — includes 111 apartment units and the remainder of the retail space.

LA MTA will receive $2.6 million and 3 percent of retail rents from MacArthur Park for leasing the subway station property.

Last week, LA MTA opened the first phase of a 120-unit housing and retail complex at the Hollywood/Western Red Line Station. The authority also recently broke ground on a Wilshire/Vermont Red Line Station joint development project, which will include two seven-story buildings housing 449 residential units.


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